Personas Provides Update on Year-End Financial Statements Filings

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Personas Social Incorporated (TSXV: PRSN) provided an update on its year-end financial statements filings for 2023. The company reported a net loss of $164,066 for the year ending December 31, 2023, compared to a profit of $102,982 in 2022. Expenses increased to $2,339,914 from $1,590,744 in 2022. Management anticipates that advertising sales and software license fees from its live-streaming platform will drive most of the company's revenues in 2024.

Positive

• None.

Negative

• The company incurred a net loss of $164,066 for the year ending December 31, 2023, compared to a profit of $102,982 in 2022, indicating a decline in profitability.

• Expenses rose to $2,339,914 in 2023 from $1,590,744 in 2022, signifying increased costs that may impact the company's financial health.

Toronto, Ontario--(Newsfile Corp. - April 30, 2024) - Personas Social Incorporated (TSXV: PRSN) (the "Company") announces that the 2023 year end consolidated financial statements ("Financial Statements") and Management's Discussion and Analysis ("MD&A") for the year ending ended December 31^st , 2023, have been filed with SEDAR.

The Company announce that the year ending ended December 31^st, 2023, incurred a net loss of $164,066 compared to a profit of $102,982 in 2022. Expenses increases to $2,339,914 compared to $1,590,744 in 2022.

In 2024 management expects the majority of the Companies' revenues to be represented by advertising sales and software licence fees derived from the licensing of the Company's live-streaming platform.

Certain information provided in this news release is extracted from the Financial Statements and MD&A of the Company for the year ended December 31, 2023, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the Financial Statements and MD&A that an investor can properly analyze this information.

For further information, please contact:
Personas Social Incorporated
Mark Itwaru
Chairman & Chief Executive Officer
647.789.0074
Mark Itwaru mark@personas.com

Forward-Looking Statements
This news release contains forward-looking statements relating to the expected timing of the filing of the Annual Filings. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are risks detailed from time to time in the filings made by the Corporation with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Corporation will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207434

FAQ

What was Personas Social Incorporated's net loss for the year ending December 31, 2023?

Personas Social Incorporated reported a net loss of $164,066 for the year ending December 31, 2023.

What expenses did Personas Social Incorporated incur in 2023 compared to 2022?

Personas Social Incorporated's expenses increased to $2,339,914 in 2023 from $1,590,744 in 2022.

What is expected to drive most of Personas Social Incorporated's revenues in 2024?

Advertising sales and software license fees from the live-streaming platform are anticipated to drive most of Personas Social Incorporated's revenues in 2024.